Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Dos And Don’ts For Buying A New Car

29. November 2012 Administrator (0)

The thought of buying a new car can be very enticing, especially if it’s your first car. But before buying a car, you must bear certain important factors in mind. You cannot just go ahead and buy a car instantly. The car you ultimately go in for has to fit within your budget and suit your tastes. Read on to know certain dos and don’ts that you must be aware of before buying a car for yourself. At the end of the day, it is your hard-earned money that you are going to invest, so you have to make sure that it is spent in the best way.

  • Firstly, you must research about the various options available in the market. You should have knowledge about the accessories as well, since they can add up to a significant cost in the end. This research will help you get the best possible price for your car.
  • Do not go in for a luxury car if your budget does not allow you to do so. You should try not to get a loan spanning more than four years. Also, you must keep your monthly payment less than 10 percent of your income.
  •  Remember to keep in mind the fuel costs and maintenance charges. Only if you can afford these, you should go in for a particular car that you desire.
  • Get in touch with your insurance agent to get an idea on the interest rates beforehand.
  • Do a thorough research on the auto loan options online and compare financing terms using an auto loan calculator. Take a print out and carry these documents whenever you make a visit to the car dealer.
  • Also make sure to check your credit rating in advance. This will help you deal better later on. 
  • Don’t fall flat for a vehicle while ignoring other options. Look for various models and then only choose the one that fits your bill.
  • You should also know the incentives being offered by the car dealer. Therefore, researching on the Internet beforehand about these things can help you prepare in a better manner before you go out to buy a car.

These are some of the simple dos and don’ts which if kept in mind can definitely help you grab a better car deal that is light on your pocket and good for your taste! Make sure you take care of these things whenever you think of buying a new car and you will definitely be better prepared.

GCTFCU Blog | Tips When Buying A Luxury Car Loan In Killeen, TX
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Tips When Buying A Luxury Car Loan In Killeen, TX

21. March 2016 Administrator Auto Loans (0)
Owning a luxury car is a dream for many in Killeen, TX. However, buying an expensive vehicle is not within reach many a times and getting a loan is a convenient way to fulfill that dream. Getting a car loan is not difficult but you need to be sure that the loan amount can be repaid easily. Analyze your budget and calculate if you will have enough money for your expenses after paying for the monthly installment along with the interest rate.

Below is a list of some tips that can be utilized when getting a luxury car loan in Killeen:

  • Research: It is important to conduct a thorough research regarding the loan plans being offered by various credit unions. Browse through the internet and read the reviews to decide from which lender you want to get a loan. Compare the plans from at least three providers before making a decision.
  • Interest rate: Interest rate is a crucial factor when applying for a car loan as it eventually decides the EMI that you need to pay every month. A minimal increase in the interest rate can cause a major jump in the monthly installments. Identify the best deal and it is better to opt for a floating rate of interest if you want a loan for a short period of time. On the other hand, go for a fixed rate of interest if you want to opt for a longer tenure loan.
  • Processing fee: Every credit union has its own method of calculating the processing charges for a car loan. Some credit unions use fixed percentage of their loan as processing fee. On the other hand, many lenders also have flat rate processing fee. Decide on what suits your requirement and the amount you can easily afford to repay.
  • Down payment: Down payment is the lump sum money that needs to be paid at the commencement of the loan term. Therefore, you need to have some amount of cash ready for down payment. Take note that lesser down payments will eventually increase your monthly EMIs. So, you need to decide according to the financial resources available to you.
  • Loan term: It is best to avoid long term loans as this can lead to an increase the interest payments made during the loan tenure. On the other hand, a short term will help you in saving on the interest cost. Depending on your financial standing, you can decide on the car loan term.
  • Prepayment charges: The lender can levy prepayment charges if the borrower is able to return the complete or partial loan amount before the end of the loan term. Therefore, you need to be aware if your credit union levies any such charges.
We, at Greater Central Texas Federal Credit Union, offer affordable car loans in Killeen, TX. For more information, you can call at (254) 690 – 2274.
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